The Municipal Securities Rulemaking Board filed amendments to its Rule G-23 with the Securities and Exchange Commission on Wednesday that would prohibit dealer-financial advisers from switching roles and becoming underwriters in the same municipal securities transactions.

The board also filed proposed interpretative guidance explaining that a dealer generally should not be considered an FA banned from role switching if it clearly identifies itself as the underwriter during the initial stages of its relationship with the issuer and provides advice related to the issuance of securities while serving as underwriter.

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